Actually Iron, NVidia's first true hardware T&L cards were the GF4's. Previous cards did not have an onboard T&L unit, but were actually software driven on the card.
And yes,..if the CPU is very slow, the use of T&L could make a difference.
Displacement mapping in DX9 actually provides a good reason to use T&L in some instances. Unfortunately, ATI's 9700Pro is the only DX9 card which has support for it and the NVidia NV30 (FX) does not.
So it will be some time before any developers look at that technology.
Not to say DX9 support will be a ways out. I suspect DX9 support to come faster than DX8 support did, due to the new shader technology and the use of full floating point color.